The United States–Mexico–Canada Agreement (USMCA) officially replaces the North American Free Trade Agreement (NAFTA) on July 1, 2020. This is almost two years after the tri-national negotiations wrapped up on September 30, 2018. In outlining USMCA’s “entry into force,” the United States Trade Representative (USTR) looked forward to a “more balanced, reciprocal trade, leading to freer markets, fairer trade, and robust economic growth in North America.” Statements like these certainly show that trade blocs are much more about politics than economics. The tell-tale is to look for the contradictions. For example, freer markets and fairer trade is a very tough balance to strike. Why? The former simply requires removing trade barriers while the latter is in the eye of the beholder. One is objective and the other is subjective. Read More →
https://s3.amazonaws.com/public-inspection.federalregister.gov/2020-04711.pdf
